Global Polyether Ether Ketone (PEEK) Market - Segmented by Product Type, End-user Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global polyether ether ketone (PEEK) market was valued at USD 564.79 million in 2016. Europe is expected to hold the largest share of the market owing to the growing automotive industry in the region.
Increasing Usage of Lightweight Materials
Superior characteristics, such as high mechanical strength, lesser weight, chemical resistance, temperature resistance, high electrical integrity, high performance, etc., makes PEEK a suitable material for the automotive and aerospace industry, to manufacture lightweight vehicles, electronics, and aircraft, amongst others.
The growing global consumer awareness regarding environment-protection and the resultant demand for fuel-efficient, lightweight vehicles have forced the manufacturers in the automotive sector to reduce the overall weight of the vehicles. The use of polyether ether ketone (PEEK) facilitates weight reduction and provides maximum strength, lower fuel consumption, and lower carbon dioxide emission. These factors drive the market globally.
Automotive End-user Holds the Largest Share
Emerging trends in the modern automotive industry are constantly focused on performance levels and reduction of weight of in-engine components for robust environmental and safety standards. OEMs are seeking novel substitutes that offer enhanced specific strength and lower weight, with improved efficiency and performance.
PEEK polymer products are found to be effective in the operation of internal combustion engines, owing to its excellent wear and friction resistance, in rotor arms, thrust washers and seals, shock absorber bearings, and alternator covers. PEEK polymeric coatings are being used for higher friction and wear resistance in the manufacturing of shock absorber bearings. All these factors make PEEK an inevitable part of the automotive industry
Europe to Dominate the Market
Germany is Europe’s number one automotive market in production and sales terms, accounting for around 30% of all passenger cars manufactured, and almost 20% of all new registrations. Germany also boasts of having the largest concentration of OEM plants in Europe. There are currently 41 OEM sites located in Germany. German OEM market share in Western Europe was more than 51% in 2015. The automotive industry accounts for 20% of the entire German industry revenue, therefore, the consumption of PEEK is high in this sector. Moreover, the electrical & electronics sector in Germany has been witnessing significant growth in the past few years. Germany is the manufacturing hub for metal alloys, machinery, and equipment. Hence, the market for PEEK in Germany and Europe looks promising and is expected to register a steady growth during the forecast period.
Notable Developments in the Market
November 2017: Solvay unveiled Zeniva® ZA-600 CF30 PEEK, a high-strength, injection moldable polymer for implantable devices.
Major players are Solvay SA, Jida-Evonik High Performance Polymers (Changchun) Co., Ltd, Victrex, and Shenyang Chemical Co., Ltd, amongst others.
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